A Hospital Asset Management system helps to protect and manage hospital equipment. It uses automated software systems to monitor the environment on hospital campuses. Technology solutions are gaining traction due to the rising concerns regarding security. It offers a competitive edge to hospitals by positioning their premises as monitored and secure places. Also, it gives a competitive edge to hospitals by positioning their premises as secure and monitored places. Growing acceptance of asset management techniques due to reduction in the cost of hardware and software is anticipated to supplement the drive the growth of the market. The introduction of technological advancements such as smart active labels and Zigbee would also create lucrative growth aspects for the market. Also, the key players are focusing on strategies such as product launch, innovation and merger & acquisition to sustain themselves amidst fierce competition. In February 2019, Cigna and Sentara Healthcare have combined a new health utility network using blockchain. The purpose of the agreement is to convene a broad ecosystem of the healthcare enterprises in shared and secured environmental with a goal of allowing enterprises to build, deploy and share solutions using blockchain that drives digital transformation in the industry.
However, the high cost associated with RFID Readers and rising concerns related to data security as well as privacy is hampering the growth of this market.
Global Hospital Asset Management Market is valued at approximately USD 6.30 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 13.20 % over the forecast period 2020-2027 and is estimated to reach USD 17.00 billion by 2027.
The regional analysis of the global Hospital Asset Management market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and the Rest of the World. North America is the leading/significant region due to the growing awareness about the benefits of deploying asset management systems in healthcare. Whereas Asia-Pacific is also anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027.
Major market players included in this report are Airista Flow (An Airista Affiliate), Elpas, GE Healthcare (A General Electric Company), CenTrak, Inc., IBM Corporation, Intelligent Insites, Thingmagic (A Novanta Company), Sonitor, Stanley Black & Decker, Inc., Versus Technology (A Midmark Company)
The detailed segments and sub-segment of the market are explained below:
By Product: Radiofrequency Identification (RFID) Devices, Real-Time Location Systems (RTLS), Ultrasound & Infrared Tags
By Application: Hospital Asset Management, Pharmaceutical Asset Management
By Region: North America, Europe, Asia Pacific, Latin America, Rest of the World
Furthermore, the years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Hospital Asset Management Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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